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To Fix Up or Trade Up, That is the Question

863 messages,  Last post on May 20, 2013 at 7:19 AM

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What is this discussion about? Car Safety, Tires, Wheels, Auto Body, Brakes, Engine, Interior, Paint, Transmission, Fuel Efficiency (MPG), Buying Insurance, Coupe, Convertible, Hatchback, Truck, Sedan, Wagon, SUV, Van

Messages Page 75 of 87

#736 of 863 depends by Mr_Shiftright HOST

Oct 26, 2011 (10:10 am)

Okay an overheat might only mean a head gasket unless they just ignored the heat gauge, the oil gauge, and lots of noise and smoke and just put the pedal to the metal anyway. It takes a lot to destroy a modern engine--almost an intention to do so.
 

#737 of 863 Re: 2004 Jeep Liberty w blown engine [Mr_Shiftright] by kyfdx HOST

Oct 26, 2011 (10:09 am)

Replying to: Mr_Shiftright (Oct 26, 2011 10:04 am)
Or, buy them a beater for $2500, and let them keep making payments on the Jeep....
 
Now, chances are.... they won't keep up with the payments... (and, no offense to your relatives), because most people can't separate "money owed" from the car payment...
 
So, they'll probably get it repossessed...
 
But, at least you are only out $2500....
 
You seem to know that you can't fix their problems.... so, just do the minimum to allow them to keep working (and, minimize your cash outlay until the next time).
 
That's what I would do.. but, it's harder when it's someone you care about....

#738 of 863 Re: 2004 Jeep Liberty w blown engine [Mr_Shiftright] by cadillacmike

Oct 26, 2011 (10:10 am)

Replying to: Mr_Shiftright (Oct 26, 2011 10:04 am)
They both work, and a new car loan would be in their names. I'm trying to not have to foot a down payment - but that may not be possible. I'm also concernewd about an already 8 year old car that they STILL owe over $8,000 on...
 
They are paying their bills on time, etc, but have no savings, and i don't know the details on this liberty they bought. They know i have the knowledge they need for these things but they are too stubborn to seek out competent advice before they execute a large financial transaction. Same with mey brother (wife's nephew) who has even less financial sense and no car knowledge either.

#739 of 863 Re: 2004 Jeep Liberty w blown engine [kyfdx] by cadillacmike

Oct 26, 2011 (10:17 am)

Replying to: kyfdx (Oct 26, 2011 10:09 am)
Buying a "beater" might make sense, but that's onlay a $1,000 difference and we don't know the potential beater's history.
 
Is there any consensus on geatting a new car and putting $3,600 (possibly more depending on what one of those minimum trade scams are really hiding) of negative equity into the new car loan (or a down payment - there goes my my cash again..)???
 
That would at least get them a car with a warranty.
 
No offense taken. Their younger brother (wife's nephew) already had a near repo - guess who paid for that??? You know what - that car, currently owned by their parents, is available. Maybe they can use that car. Sure, that would make sense. don't get me started.

#740 of 863 Re: 2004 Jeep Liberty w blown engine [cadillacmike] by im_brentwood

Oct 26, 2011 (10:51 am)

Replying to: cadillacmike (Oct 26, 2011 10:17 am)
Mike,
 
$5000 minimum trade? Sure. $3995 or more over sticker.
 
Reality is that this Jeep with a blown engine is worth $500 as a trade in. So... you probably have $8000 to bury in the new car deal.. that's gonna be tough unless they have stellar credit and buy something that you can bury that kind of money in, and that ain't gonna be a $18k car.

#741 of 863 Re: 2004 Jeep Liberty w blown engine [im_brentwood] by Mr_Shiftright HOST

Oct 26, 2011 (11:50 am)

Replying to: im_brentwood (Oct 26, 2011 10:51 am)
The dealer is not going to lose money on this deal so one way or the other he's not going to give you $5000 real dollars for a $500 crippled car.

#742 of 863 Re: 2004 Jeep Liberty w blown engine [cadillacmike] by kyfdx HOST

Oct 26, 2011 (1:14 pm)

Replying to: cadillacmike (Oct 26, 2011 10:17 am)
You know what - that car, currently owned by their parents, is available. Maybe they can use that car. Sure, that would make sense. don't get me started.
 
That's sure the way I would push it.... Let them keep making payments on that Jeep... while driving someone else's (free) car..
 
I'd rather dole out a few hundred at a time, if they really needed it.... or, just be extra generous at Christmas... rather than have them come to you for multiple thousands at a time... That's a hard habit to break...

#743 of 863 Re: 2004 Jeep Liberty w blown engine [kyfdx] by fezo

Oct 26, 2011 (5:39 pm)

Replying to: kyfdx (Oct 26, 2011 1:14 pm)
Wow. That's a lot of issues at once. Sure sounds to me like the letting them sue the free car in the family while continuing to pay for the quasi-dead Jeep is the best of a lot of lousy options.
 
I can remember thinking that my parents (an uncle? wow. just wow.) should bail me out when I was younger so I get a little of the mindset but short of them having to face economic reality and deal with it this will never end.
 
We have a few of those $5,000 over on any trade here in NJ. Most of them are (sorry, Bill) Hyundai dealers.

#744 of 863 2003 Town and Country by kmurp

Nov 17, 2011 (4:33 pm)

Took it in for the 120,000 mile service and they found problems with the water pump and rack and pinion steering. Cost would be 1800 or so. We are out of our "minivan years", though on occasion the cargo capacity of the van is handy. Would you trade or fix up?

#745 of 863 Re: 2003 Town and Country [kmurp] by Mr_Shiftright HOST

Nov 17, 2011 (5:05 pm)

Replying to: kmurp (Nov 17, 2011 4:33 pm)
Well $1800 is maybe what...40% of the trucks' value? So yeah, that's pushing the limits of when not to repair something....however, in that value range, you can't buy anything short of a steaming pile of junk for $1800-- so if you must have a second vehicle---I'd roll with this one---better the devil you know than...etc etc.
 
Is the pump leaking or just noisy? What's with the steering?

Messages Page 75 of 87

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